March gets quite exciting for Ethereum seeing its breakthrough the $20 to $30 barrier.
It the second most valuable digital currency by market cap now set to go the Dash way?
When Dash broke a similar barrier in early March, it took off to as high as $100 within the same 15-day period.
Going by today’s market outlook, Ethereum price may rise to the point of catching up with Dash’s new spot though it is not clear if it will follow the same pace to climb higher because Dash’s over seven mln units of circulating supply played a key role in its spike.
So if Ethereum price picks a further rise above the $40 range, it may stunt Dash’s or reduce it further as it corrects around $90 by this writing.
However, despite its rising use and wide application, which will remain the main characteristics that will continue to enhance its relevance, Ethereum’s native asset may not touch $100 soon because of its lack of a cap on the total amount of units - its market cap has the potential to catch up with Bitcoin’s.
Best test
Breaking the $20 to $30 range in a way clears the path for the feeble minds to have a rethink on their investment decisions and, on the other hand, help staunch investors to strengthen their investments.
ETH’s cross over the $30 also positions the Ethereum project for reconsideration by those who have been seeking to choose it as a new investment portfolio or to be left alone by those with little or less to play with. Henceforth, its volume is expected to be real and should give a true reflection of whether the network has really grown from where it was last year.
Its price will likely experience some stability on a long-term basis in the coming days spiced with tiny but steady growth probably by weeks.
Though Ethereum could still be a good currency for traders as the risk assessment is moderate unlike Bitcoin, those seeking quick returns would have to exercise patience in the next few days as the Ethereum platform may not guarantee such.
What’s next
Unless there is an attack or some sort of disagreement in the project's arrangements - which is not likely - Ethereum should be well off as it tries to consolidate its network following the delay it has experienced dealing with system attacks and the wasted time and efforts as brought upon it by the DAO issue.
Most investors in the DAO project last year who still hold on to the Ethereum dream would seem glad now that things seem to be falling in place.
Also, now will seem a perfect opportunity for Ethereum-backed projects to increase their held value and probably use its proceeds to fortify their business ideas, plans or market launch. Cashing on the momentum would not be a bad idea either.